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Technical progress refers to the improvements in the methods of production, the introduction of new machinery, techniques, or organizational innovations that enable an economy to produce more output with the same amount of inputs. It is a critical driver of long-term economic growth because it enhances the efficiency of resource utilization, reduces production costs, and can lead to the creation of new goods and services. Technical progress is not merely the addition of more labor or capital but involves qualitative changes that increase productivity beyond what can be achieved through factor accumulation alone. In the context of growth and development, technical progress is central to raising living standards and fostering sustainable economic development. The relationship between technical progress and the growth of total factor productivity (TFP) is fundamental in growth economics. Total factor productivity measures the portion of output growth that cannot be explained by the growth of inputs such as labor and capital. In other words, TFP captures the efficiency with which inputs are combined to produce output. Technical progress contributes directly to TFP growth because it enables an economy to produce more output from the same quantities of inputs. If an economy invests in new technologies, better machinery, and more efficient production techniques, the output per unit of combined input rises, reflecting an increase in TFP. Therefore, sustained technical progress is essential _____ _______ __________ __________ ________.
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